I don’t know how anyone fell for this pump and dump scheme in the first place.
I do :(. I’m also worried about which of my 401ks bought in to it too
That’s the most outrageous part. The most obviously fraudulent company being given fast track to
s&p 500 (although I just read that decision was overturned)NASDAQ100 just reeks of corruption.EDIT: thanks for the correction. I don’t know much about USA or their economic stuff.
I mean you choose your investments for your 401(k). Maybe it is time to learn about which funds you’re invested in and make sure they’re appropriate for your time horizon and risk tolerance.
Hey you condescending asshole, they literally changed the rules to allow this into the indexes.
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401(k) is managed by the employer and you can only pick from the funds they have selected. That really doesn’t leave much choice for most people.
That’s why people should consider doing a rollover into IRA anytime they have a job change and not just rollover into the new employer’s 401(k).
It’s not like it’s stocks. It’s index funds and you can get a list of the funds offered. I don’t think I’ve ever seen an index fund that included SpaceX
Broad-market funds like the Vanguard Total Stock Market ETF (VTI) and the iShares Core S&P Total U.S. Stock Market ETF (ITOT) include SpaceX.
SpaceX was added to the Nasdaq-100, meaning funds that track it, such as the Invesco QQQ ETF, hold the stock.
Benchmarks like the Russell 1000 also hold SpaceX, automatically populating funds like the iShares Russell 1000 ETF (IWB)
I’m not even American and even I know that the level of corruption involved in the SpaceX IPO means that even people who want nothing to do with SpaceX had their investments tied up in SpaceX.
i monitor my father investing habits to make sure he doesn’t fall for shit like this, their have been a few times iv been worried to say the least…
Fanboys
Man before Elon was a public figure it was so easy to fanboy. Reusable rockets is an insane feet of human engineering. At least now we have some competition in the space.
I know that it was the talented engineers at SpaceX doing that engineering and huge publicity subsidies, but it felt like a step forward.
Why can’t Elon just leave SpaceX alone.
It’s unfortunately bigger than just the suckers being suckered. These things also get pumped a lot by “early investors”, whose strategy is to get the stock immediately and sell quickly to take adventage of the initial surge. They increase the demand a lot and contribute to that surge.
That’s because it was severely over valued for a company that produces no product and makes no profit.
To be fair it was a solid pump and dump.
You mean creating a worldwide communication system that has to be completely relaunched every half decade that is the exact opposite of profitable isn’t sustainable!?
Actually the Starlink division itself is profitable.
The unprofitable part is Twitter and xAI which got merged in right before the IPO.
SpaceX was actually on the path to being quite profitable, but then Musk tried to hide his two biggest money sinks inside it.
Profitable like Tesla? That is not actually profitable without a big chunk (like a third) of their money from government subsidies.
https://www.congress.gov/119/meeting/house/117956/documents/HMKP-119-JU00-20250226-SD003.pdf
It appears SpaceX may not be as highly leveraged with the government with only 20% of its total revenue from government contracts.
It is interesting to look this up but ultimately what I mean is long term profitability considering they will have to continuously replace their satellites every 5-10 years.
The combining of his companies is a whole other level of fuckery that regulators should have smacked down instantly, but you know reality.
Seeing musk fail makes me giddy. Seeing people who dumped and lost their money on him makes me giddier. FAFO
Unfortunately, a lot of people didn’t have a choice in the matter.
A lot of Americans voted for this clown, remember? And most of those voters were fine when DOGE destroyed the lives of many. Now it‘s their turn to pay up. Let this be a lesson for Americans. Subscribing into an ideology of selfishness and hatred comes at a cost for society.
And a lot of Americans didn’t vote for this clown, remember? Those are still being punished with this bullshit.
?
Your money in savings and insurance and superannuation funds is often reinvested in shit like this.
It’s worth dropping yours an email and asking whether they do or not…
The 401k that americans use also automatically invested in it if they didnt opt out iirc
There isn’t a single 401k that Americans use. 401k is an index fund, an investment vehicle. I’m sure many included SpaceX but plenty did not.
And as an individual you can’t really “opt out” of individual stocks in the fund. You could roll all of your investment into a different fund that doesn’t include the stock you don’t want, but I don’t know of any broker that allows people to pick and choose which stocks they want to use in their 401k. You give them money, they manage the fund, that’s how it goes.
Oh, I hadn’t clocked until now that 401(k)s are a pension fund. I guess that means they are basically the same as superannuation.
Mine is invested in the UK with a focus towards sustainability and green energy, so I am safe. Plus I don’t really care much if it doesn’t go negative. Just want to pay off my mortgage and then stop working much.
Mine is also in a nominally ethical fund, but they still invest in e.g. nvidia. Not sure about spaceX though
Is musk the first person to lose 1 trillion dollars? Quite the honor.
It’s going to be interesting to see what happens to the stock price the next time SpaceX blows up a test rocket.
or china and russia start disabling them in orbit
Prime wallstreetbets material
Indeed lol, I should have shorted Spacex
Data centers in space are frankly a ridiculous idea. Can’t believe so many wanted in on the IPO. They have cool tech, but nothing that would warrant such a high evaluation for now and the foreseeable future.
Full self driving datacenters in space
With a hyperloop link between them
You see the internet is like a bunch of tubes
It was only ever worth that much to the absolute dumbest motherfuckers on the planet.
he can drop still further
Good. Maybe one day the investors will see this idiot for what he is: a greedy racist fascist. And stop investing in his bullshit.
They won’t do that. They’re also greedy racist fascists. That’s what capitalism is.
They don‘t care about the racist fascist part but he‘s also a massive fraud who build his empire on short legged lies. It‘s simply irresponsible to believe that guy.
It’s fun to laugh at the worst people taking Ls, until one realises that the insiders got to sell up early, leaving retail investors holding the bag, and that these involve not just eminently punchable Musk-idolising incel chuds or even FOXNews grandpas but ordinary working stiffs with pension funds and savings. Chances are everything went exactly to plan and even as Musk lost his very brief trillionaire status, he managed to cash out a lot of his virtual wealth.
No, thats just not true. At IPO date there were already many critical voices about the stock being way overvalued for what they charge at IPO. “Insiders” means there was info that was withheld or the public didn’t know about. Anyone who bought this stock at IPO asking price was just foolish enough to buy into the hype.
There’s a reason things like consumer protection agencies should exist. Most are too stupid and easily taken advantage of. You cannot run a society like that well. SpaceX already raised their funds and the bag holders are regular people. That is bad for society even if we may like to point and laugh at the morons.
There is a reason you shouldn’t trade individual stocks if you’re unwilling to research a bit at least. If you trade individual stocks without it it becomes basically gambling. I’m not laughing at the ordinary people losing money, but I also don’t feel very bad for them in particular.
The planet is too fucked for me to care about dumb people’s money.